MIRA INFORM REPORT

Report Date :

03.06.2013

IDENTIFICATION DETAILS

Name :	WNS GLOBAL SERVICES PRIVATE LIMITED (w.e.f.30.05.2008)
Formerly Known As :	WORLD NETWORK SERVICES PRIVATE LIMITED
Registered Office :	PL-10, Godrej and Boyce Complex, Pirojshanagar, L.B.S. Marg, Vikhroli (West), Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.1996
Com. Reg. No.:	11-100196
Capital Investment / Paid-up Capital :	Rs. 105.800 Millions
CIN No.: [Company Identification No.]	U72200MH1996PTC100196
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01007G
PAN No.: [Permanent Account No.]	AAACW2598L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing business process outsourcing services comprising back-office administration, data management and contact center management services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 21300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of WNS (Mauritius) Limited. It is a well established company having fine track record. There appears some dip in the profitability during 2012. However, financial position of the company appears to be sound. Trade relations are reported to as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Arvind
Designation :	Accountant
Contact No.:	91-22-40952100
Date :	03.06.2013

LOCATIONS

Registered/ Corporate Office :	PL-10, Godrej and Boyce Complex, Pirojshanagar, L.B.S. Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-40952100
Fax No.:	91-22-25188307/ 25188311
E-Mail :	jayshree.ghatnekar@wns.com swati.singh@wns.com
Website :	www.wns.com
Corporate Office :	North America 420 Lexington Avenue, Suite 2515 , New York, NY 10170 Phone : +1 212-599-6960 Fax No.: +1 212-599-6962 United Kingdom The Lodge Harmondsworth Lane West Drayton, Middlesex UB7 0AB Phone: +44 208 754 8289 Fax No.: +44 208 754 8570
Other Offices:	India Bangalore Plot No.8A, RMZ Centennial, Kundalahalli Main Road, Whitefield, Bangalore 560 048, Karnataka, India Tel. No.: 91-80-42064600 Fax No.: 91-80-28495554 #1137, RG Towers 100 Feet Road Indira Nagar Bangalore - 560 038, Karnataka, India Tel. No.: 91-80-41154361 Chennai 1A, RMZ Millenia, No.143 Dr. MGR Road (North Veeranam Salai) Perungudi Chennai - 600 096, Tamilnadu, India Tel. No.: 91-44-43906000 Fax No.:91-44-43906000 Gurgaon 6^th Floor, Infinity Towers DLF Cyber City, Phase – II Gurgaon - 122 002, India Tel. No.: 91- 124 - 433 0000 Fax No.: 91-124-433 0001 Building No.6, 8^th and 9^th Floor DLF Cyber City (SEZ) Sec 24/25 A, DLF City Phase III Gurgaon - 122 002, Haryana, India Tel. No.: 91-124-420 7010 Nashik Shree Niketan Building, Opposite St. Andrew Church, Canada Corner, Nasik – 422 002, Maharashtra, India Tel. No.: 91-253-6690400 V-Tech IT Park, South Block, 1^st Floor, Survey No.113/2, Wadala Road, Near Indira Nagar Jogging Track, Nashik – 422 006, Maharashtra, India Pune Sofotel Building,National Games Road, Yerwada, Pune – 411 006, Maharashtra, India Tel. No.: 91-20-40005000 Fax No.: 91-20-41287158 3^rd to 7^th Floor, Wing A and B, Tower 1, Cyber City, Magarpatta City, Hadapsar, Pune – 411 013, Maharashtra, India Tel. No.: 91-20-41454000 Fax No.: 91-20-41454001 Tower "C", Weikfield IT City Info Park, Off Nagar Road, Viman Nagar, Pune – 411 014 Maharashtra, India Tel : 91-20-41286000
Overseas Offices :	Located at: Ø Vizag Ø Australia Ø China Ø Costa Rica Ø UAE Ø United States Ø United Kingdom Ø Sri Lanka Ø South Africa Ø Romania Ø Poland Ø Philippines

DIRECTORS

AS ON 20.09.2012

Name :	Sulakshana Jayant Patankar
Designation :	Director
Address :	Chintaman, Flat 13, Final Plot No. 120, Dr. Kelkar Road, Opposite Maharashtra Bank, Pune – 411004, Maharashtra, India
Date of Birth/Age :	30.07.1971
Qualification :	MBA, ICWA
Date of Appointment :	21.10.2003
PAN No.:	AFEPP7471H
DIN No.:	01875918
Name :	Mr. Gautam Bhupat Barai
Designation :	Director
Address :	1001, B Wing, Quantum Park, Union Park, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	15.05.1974
Date of Appointment :	23.09.2010
DIN No.:	03267869
Name :	Mr. Swaminathan Rajamani
Designation :	Director
Address :	B-901, Lake Primrose, Lake Home Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	22.04.1976
Date of Appointment :	09.12.2010
PAN No.:	APWPS7475Q
DIN No.:	03432159
Name :	Mr. Sanjay Omprakash Puria
Designation :	Director
Address :	703, 4 Shivalaya Tower, 90 Feet Road, Thakur Complex, Kandivali [East], Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	03.09.1973
Date of Appointment :	20.09.2012
DIN No.:	03537586
Name :	Mr. Gopal Kumar Agrawal
Designation :	Director
Address :	A A1, Shamail Complex, Ground Floor, Balaji Nagar, Station Road, Bhayander [West], Thane - 401101, Maharashtra, India
Date of Birth/Age :	07.08.1971
Date of Appointment :	20.09.2012
PAN No.:	ADZPA6931A
DIN No.:	05104675
Name :	Mr. Deepak Kumar Gupta
Designation :	Additional director
Address :	M 2/22, DLF Phase 2, Gurgaon - 122000, Haryana, India
Date of Birth/Age :	02.02.1967
Date of Appointment :	30.11.2012
DIN No.:	02215150

KEY EXECUTIVES

Name :	Mr. Arvind
Designation :	Accountant
Name :	Ms. Swati Singh
Designation :	Secretary
Address :	B-103, Gopal Smruti, Gopal Nagar, Road No. 2, Dombivili (East), Thane – 421201, Maharashtra, India
Date of Birth/Age :	29.04.1984
Date of Appointment :	29.04.2011
PAN No.:	AQJPP8574D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2012

Names of Shareholders	No. of Shares
WNS Global Services (UK) Limited, United Kingdom [As nominee of WNS (Mauritius) Limited]	1
WNS (Mauritius) Limited, Mauritius	855245
WNS Customer Solutions (Singapore) Private Limited, Singapore	202668
Total	1057914

AS ON 20.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing business process outsourcing services comprising back-office administration, data management and contact center management services.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	510.000	0.000
Rupee term loans from banks	1219.100	223.500
Total	1729.100	223.500
Footnotes (A) The Company issued 4,95,31,680 10% unsecured compulsory convertible debentures at par value of Rs. 100 each aggregating to Rs. 4953.200 to WNS Global Services Netherlands Cooperative U.A, a fellow subsidiary in April 2011. The debentures are compulsorily convertible into 2,64,000 equity shares of the Company with face value of Rs. 100/- each at the premium of Rs. 0.019 Million per share at the end of 9th year from the date of allotment. However the Company has an option to exercise the conversion of the debentures at the end of 5th year from the date of allotment. All equity shares issued under the conversion shall rank pari passu with then existing equity shares of the Company. (B) Loan from HDFC Bank is secured against corporate guarantee of “WNS (Holdings) Limited”, the ultimate holding Company and first charge on pari passu basis over immovable property situated at Magarpatta (Pune). The charge on the immovable property was created subsequent to March 31, 2012. The loan is repayable in two equal installments of Rs. 25.5 each on January 30, 2015 and February 27, 2015. The loan bears interest at a rate of 11.25% per annum for the first year, which will be reset at the end of the first year.

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	16th Floor, Tower- II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Fellow Subsidiary company :	Ø WNS Global Services (UK) Limited Ø WNS Customer Solutions (Singapore) Private Limited Ø WNS Business Consulting Services Private Limited [U72900MH2003PTC173792] Ø WNS Global Services (Sri Lanka) Private Limited Ø WNS Capital Investment Limited Ø WNS Philippines Inc Ø WNS Global Services (Romania) SRL Ø WNS BPO Services Costa Rica, S.A. Ø WNS Global Services (Australia) Pty Limited Ø WNS Global Services Netherlands Cooperative UA Ø WNS Global Services Philippines Inc. Ø WNS (Holdings) Limited Ø WNS North America Inc

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6,702,000	Equity Shares	Rs. 100/- each	Rs. 670.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,057,914	Equity Shares	Rs. 100/- each	Rs. 105.791 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		105.800	117.200	121.891
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5219.400	6127.100	4618.559
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5325.200	6244.300	4740.450
LOAN FUNDS
1] Secured Loans		1729.100	223.500	0.000
2] Unsecured Loans		5178.700	5222.700	334.222
TOTAL BORROWING		6907.800	5446.200	334.222
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12233.000	11690.500	5074.672
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5436.800	6209.600	1691.669
Capital work-in-progress		103.200	94.000	48.195
INVESTMENT		1342.300	0.100	0.000
DEFERRED TAX ASSETS		480.000	581.000	429.708
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4702.600	5304.500	3816.917
	Cash & Bank Balances	627.200	655.400	515.182
	Other Current Assets	433.200	348.200	1150.263
	Loans & Advances	3197.200	2851.700	1359.727
Total Current Assets		8960.200	9159.800	6842.089
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.900	28.100	68.032
	Other Current Liabilities	3340.300	4008.500	3493.446
	Provisions	665.300	317.400	375.511
Total Current Liabilities		4089.500	4354.000	3936.989
Net Current Assets		4870.700	4805.800	2905.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12233.000	11690.500	5074.672

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			12195.426
		Other Income			N.A.
		TOTAL	13906.000	12323.900	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	12168.800	9949.700	N.A.
	PROFIT BEFORE TAX		1737.200	2374.200	1759.235
Less	TAX		518.300	(30.100)	(72.136)
	PROFIT AFTER TAX		1218.900	2404.300	1831.371
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13840.100	11671.071	12157.562
	Earnings Per Share (Rs.)		1152.17	2050.75	1502.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.77	19.51	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	12.07	15.45	20.62
Return on Investment (ROI) (PBT/Networth)		0.33	0.38	0.37
Debt Equity Ratio (Total Debt/Networth)		1.30	0.87	0.07
Current Ratio (Current Asset/Current Liability)		2.19	2.10	1.74

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable
Due to vendors	83.900	28.100	68.032

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Fully convertible debentures others	4953.200	0.000
Loans and advances from related parties	225.500	5222.700
Total	5178.700	5222.700

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72200MH1996PTC100196
Name of the company	WNS GLOBAL SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	PL-10, Godrej and Boyce Complex, Pirojshanagar, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India E-Mail: jayshree.ghatnekar@wns.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: nishant.jitani@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Equitable Mortgage
Date of instrument Creating the charge	19.07.2012
Amount secured by the charge	Rs. 510.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As prescribed by the Bank from time to time Terms of Repayment: As prescribed by the Bank from time to time Margin: As prescribed by the Bank from time to time Extent and Operation of the charge: First pari passu charge by way of equitable mortgage on the immovable fixed assets of the company situated at Magarpatta, Pune securing facility of Rs.510.000 millions granted to the company. Charge will be valid until all amounts are paid granted to the Company together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in respect of and under the credit facilities and interest and all the other cost thereto
Short particulars of the property charged	3^rd to 7^th Floor, Tower-1, Wing A&B, Cybercity, Magarpatta City, Hadapsar, Pune - 411028 with total area of 172,064 square feet.

CONTINGENT LIABILITIES:

1. Amounts not provided for income tax matters in respect of earlier years for which appeals are pending before appropriate authorities Rs. 2958.600 Millions (Previous year: Rs. 2275.200 Millions)

2. Amounts not provided for service tax matters in respect of earlier years for which appeals are pending before appropriate authorities Rs. 348.100 Millions (Previous year: Rs. 348.100 Millions)

3. The Company has given guarantees to various banks for an amount of Rs. Nil (Previous year: Rs. 91.300 Millions) towards packing credit facility and other loan facilities.

4. HSBC bank has issued guarantee to customs authorities on Company’s behalf against cash credit limit for Rs. 11.500 Millions (Previous year: Rs.14.200 Millions)

FIXED ASSETS:

Ø Buildings

Ø Furniture and fixtures

Ø Vehicles

Ø Office equipment

Ø Computer equipments

Ø Other equipments

Ø Leasehold improvements

Ø Goodwill

Ø Computer software

Ø Commercial contractual rights

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 56.50
UK Pound	1	Rs. 86.01
Euro	1	Rs. 73.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.